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In the beginning of the game, you are given a somewhat useful ship known as the Merchant Crusier. This ship is OK for the beginners because it moves quickly, can carry some fighters, and has an average holds capicity. I suggest you go to the Stardock (Press V to find out where it is) and buy either a Starmaster or Merchant Freighter. These ships are great to earn money quickly.
To earn money you must find two ports next to each other that buy and sell products complementarily I.E. SBS SSB This means the first port sells fuel ore, buys organics, and sells equipment. The second port, however, sells both fuel ore and organics, but buys equipment. Try to find a pair that buys and sells equipment and organics. This will make quick money.
After you get about 150,000 credits, buy full holds by going to sector one and trading at the port there. These are special ports and there are a few around the universe. Also, buy fighters and shields so you wont get blown away by mines, Ferrengi, or other traders. After buying all this stuff, go trading some more until you have a lot of cash deposited in the bank at the Stardock.
This is the most crucial part of the game! Go to the Stardock and buy a genesis torpedo. This is the item that will create your planet and home base. After buying that, find a dead end tunnel and fire the torpedo. If the planet is Mountainous, you hit the jackpot. If not, find another dead end sector and repeat the process. When you get the Mountain planet, go to Terra in sector 1 and get colonists. (if there are none, wait until the end of the hour, the colonists regenerate then) Bring back the colonists and put them on the planet. When you have 400, press C when on the planet and it will tell you how much of organics, equipment, ect, you will need to make the citadel, your military center. Once you get your citadel, keep getting colonists and upgrade your citadel to higher levels.